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US stock markets fall after Donald Trump’s words on China

US stock markets have fallen today after President Donald Tr..

US stock markets have fallen today after President Donald Trump said his administration was “not ready to make a deal” with China.

Read more: Italian markets in turmoil as government edges closer to collapse

The tech-heavy Nasdaq stock index had fallen 1.2 per cent, the S&P 500 had dropped one per cent, and the Dow Jones industrial average had fallen 0.9 per cent.

Speaking at the White House, Trump said: “Were doing very well with China, were talking with China. Were not ready to make a deal, but well see what happens.”

Stock markets have been increasingly sensitive to any news to emerge about the trade war raging between the two sides.

A sell-off sent them tumbling earlier this week when the Chinese renminbi currency fell to the seven-per-dollar level not seen since the financial crisis, sparking fears of a currency war.

The renminbi was allowed to slide over 1.5 per cent by the Chinese government after the Trump administration slapped 10 per cent tariffs on $300bn of Chinese goods. This means almost all imports from China are tariffed.

US stock markets fell today despite official figures showing a decline in core producer prices in July, two months after Trump ratcheted up tariffs on $200bn of US goods to 25 per cent.

“There is still little evidence that Mays increase in the tariff rate on $200bn of Chinese imports is having any significant impact on firms costs,” said Andrew Hunter, senior US economist at Capital Economics.

“That makes it a little more likely that Fed officials will react to any further signs of weakness in the real economy by cutting interest rates aRead More


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